If your business is ready to enter its next stage of growth, perhaps it’s time to go global. International expansion offers huge opportunities for your business, but entering new markets can be challenging.
Five ways to expand your business into global markets
Analyze the market
Firstly, it’s important to find out whether there is an actual demand for the product or service you’re selling. That’s why you must analyze and evaluate the market beforehand to gain insight and speak to potential new customers who will be willing to buy into your business.
With the right market research, you’ll have enough evidence to help you build a solid sales pitch. Gathering key data, such as political factors, consumer behavior, trends and forecasts and competitive insight will ensure that you’re guaranteed a significant ROI.
Create a strategy
You can’t just enter a new market without having a plan in place. No two markets are the same, so you’ll need to create an entirely new strategy for your new location, regardless of how successful you are in another country.
The research you’ve consolidated now needs to be implemented in an action plan. Having an appropriate strategy is key to the success of your plans for global expansion, as it allows you to stay focused and on track.
Identify your target market and plan the best routes on how to reach your ideal audience. Develop a pricing strategy to best suit the market and define your overall sales proposition.
Identify the competition
You’ll always have new competitors in new markets, and it’s important to understand what they’re doing and how they’re doing it.
By finding out who they are targeting, what channels they use and what their USP is, you can review your product and work out its competitive advantage. Then, you can communicate this to your new customers, giving them a reason to choose your product over anyone else’s.
Build partnerships
It’s crucial to have strategic alliances with the local companies in your new location. Businesses tend to work better with an additional partner who can bring value to the venture. And, having a local business on board can give you more knowledge of the market and a better understanding of the overall culture.
Keep your partners happy by taking them out for lunch or renting a private jet for those all-important business discussions. Having the right people on your side can be pivotal to the success of your company in a new location.
Adapt your product offering
While many assume you can just launch the exact same product in another country – this isn’t always the case.
You’ll be dealing with an entirely new customer base, which means you need to be mindful of packaging, marketing and advertisements. Your product should be adapted and localized to the new market for it to sell.
